Naspers / Prosus discount to NAV: is the buyback finally working?

The discount to the underlying stake has narrowed from its widest levels, helped by the ongoing open-ended buyback programme.

Bull case: continued buybacks, better capital allocation, and a recovery in the underlying holding.
Bear case: regulatory risk on the underlying, and the discount is structural rather than cyclical.

Curious how others are positioned — and whether you prefer NPN or PRX as the vehicle.